Special procedure for action on surrender, expulsion, etc

(1) While disposing of the matter under this regulation, the Board shall not be bound by the procedure specified in regulation 11. (2) On receipt of information under clause (e) and (f) of sub-regulation (1) of regulation 10, the Board may issue a notice, if required, to such professional member, calling upon it to explain as to why the certificate of registration, granted under the regulations, should not be cancelled. (3) The professional member may make written submission(s), if any, within a period not exceeding twenty-one days from the date of service of notice. (4) On being satisfied with the submission(s) made under sub-regulation (3), the Board may decide to cancel the registration or issue directions to complete the ongoing assignments, make pending compliances including payment of fee, etc. (5) The Board shall communicate its decision under sub-regulation (4) within thirty days from date of receipt of written submissions under sub-regulation (3). (6) On receipt of information under clause (g) of sub-regulation (1) of regulation 10, the registration of such insolvency professional with the Board shall be deemed to have been cancelled from the date of demise or winding up or dissolution, as the case may be. (7) On and from the date of cancellation of the certificate of registration, under thisregulation, the legal heirs or assignee of the insolvency professional shall take steps for delivery of any record(s) or document(s) or assets that may be in its custody or control, within the time period and in the manner, as may be required under the relevant regulations or as may be directed by the Board.] 41[ Disciplinary proceedings. 41 Substituted by Notification No. IBBI/2022-23/GN/REG088, dated 4th July, 2022 (w.e.f. 04.07.2022), Regulation 11 before substitution, stood as under: “11. (1) Based on the findings of an inspection or investigation, or on material otherwise available on record, if the Board is of the prima facie opinion that sufficient cause exists to take actions permissible under section 220, it shall issue a show- cause notice to the insolvency professional. (2) The show-cause notice shall be in writing, and shall state- a. the provisions of the Code under which it has been issued; b. the details of the alleged facts; c. the details of the evidence in support of the alleged facts;